When Excluding Distressed Sales,
Home Prices Show Monthly Gain
03/07/2012BY: ESTHER CHO DSNews.com
While home prices declined on a year-over-year basis in January 2012, a month-over-month gain was seen when excluding distressed sales, according to CoreLogic’s January Home Price Index (HPI).
Prices declined 3.1 percent in January 2012 compared to a year ago in January 2011 and by 1 percent compared to the previous month of December 2011, according to the index.
But, when excluding distressed sales, year-over-year prices declined by 0.9 percent, and a month-over-month gain of 0.7 percent was seen for January. Distressed sales include short sales and REO transactions.
In response to this data, Capital Economics stated in a report that there is reason to believe the tide is turning.
“Over the past year, the visible inventory has dropped by 20 percent and, over the last six months, home sales have risen by 13 percent,” said Capital Economics. Read More >
by CalculatedRisk on 3/07/2012 08:56:00 AM
Notes: This CoreLogic House Price Index report is for January. The Case-Shiller index released last week was for December. Case-Shiller is currently the most followed house price index, however CoreLogic is used by the Federal Reserve and is followed by many analysts. The CoreLogic HPI is a three month weighted average of the last three months and is not seasonally adjusted (NSA).
From CoreLogic: CoreLogic® January Home Price Index Shows Sixth Consecutive Monthly Decline
[CoreLogic January Home Price Index (HPI®) report] shows national home prices, including distressed sales, declined on a year-over-year basis by 3.1 percent in January 2012 and by 1.0 percent compared to December 2011, the sixth consecutive monthly decline.
Excluding distressed sales, year-over-year prices declined by 0.9 percent in January 2012 compared to January 2011, but that same metric posted a month-over-month gain, rising 0.7 percent in January. Distressed sales include short sales and real estate owned (REO) transactions.
“Although home price declines are slowly improving and not far from the bottom, home prices are down to nearly the same levels as 10 years ago,” said Mark Fleming, chief economist for CoreLogic. Read More >
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